4 yrs Foreclosure/ Submitted proof Waiting on Confirmation from HUD to close

Contract signed on june 15th. FHA 3.5 % down, Foreclosure was 4 years ago, fico score ranged from 640-666 during this process. Throughtout the time of my application I settled any collection that was on my credit, so that no longer was an issue, neither was income, I make good money , Solid rent history for 3 years with a refererance from my landlord.

The issue came up in the first week of August, my 2nd mortgage on the foreclosed home, ( Citifinancial) was settled. Residential Home Funding wanted proof that it was over 3 years foreclosure for the second mortgage. Hello? I tried explaining that the 2nd went to charge off , to which I then settled. ( Had settlement letter as well).

Fast forward to last week. I submitted a copy of the original Judgement of Foreclosure which named Citifinancial , myself and HUD, and of course the original Mortgage through CitiMortgage. The underwriter recieves it, likes it, but has to send it out to HUD to confirm it?

Ive been trying to get this done before my son starts the first day of school, and my landlord is currently selling the house I am in now. Imagine the tension. Does anyone know or has had any experience like this, where you have to wait for HUD to reply to an underwriter? Im scared to death that this could drag on even longer.

Re: 4 yrs Foreclosure/ Submitted proof Waiting on Confirmation from HUD to close

I forgot to mention that I met all of the underwriters conditions , but they still wanted proof that the 2nd mortgage was Foreclosed more than 3 years ago. I submitted the judgement of foreclosure from 2008 right away...And still I wait.

Re: 4 yrs Foreclosure/ Submitted proof Waiting on Confirmation from HUD to close

So... I have a question for you. I have a foreclosure from 4 years ago also. But I was told I didn't have to pay/settle the second mortgage.... It doesn't report as a charge off though. It actually (oddly) reports as Paid/Closed. But as recently as last November they sent me a settlement letter? A little off topic but I wonder if it'll come up when I get to your stage.

Re: 4 yrs Foreclosure/ Submitted proof Waiting on Confirmation from HUD to close

Oh boy. Well, I have already started the process... If I have to settle, I'll have to scrape together $5k,that was the settlement amount given last year. I'll find out soon enough! Thanks for the info!

Re: 4 yrs Foreclosure/ Submitted proof Waiting on Confirmation from HUD to close

Congrats to you! My original balance was $28k. Settlement offer was around $5k in 2011. I've wanted to call but my LO doesn't want me to touch anything yet. Good luck with your home improvements and I'll update when I get more info!

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair
organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or
assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.